The U.S. has given the green light to perpetual futures on stocks—and there’s a lot to unpack.
On November 3, CFTC Chair Selig signed off on listing perpetual futures tied to individual U.S. stocks on U.S.-regulated exchanges. No expiration date, no rollovers, and funding rates pegged to spot prices—the model crypto has been using for years has officially made its way to Wall Street.
Only four firms got the first approvals: Kalshi, Coinbase, Kraken, and Crypto.com. Kalshi plans to list 58 popular stocks, including Apple, Tesla, and Nvidia, with leverage capped at around 6.5x and a minimum margin requirement of roughly 15%.
Crypto-native platforms aren’t sitting still either: Lighter filed DCM/DCO applications in November, while Hyperliquid went straight to ICE to develop a compliant market.
But Wall Street moved even faster—Citadel and Cboe sued in federal court the same day, seeking to overturn the approval; SIFMA and Nasdaq also wrote to the SEC in opposition. Put simply, 0DTE options are their bread and butter. Perpetual futures don’t require rollovers and can trade almost around the clock, so they could siphon away order flow.
The next 60 days will be crucial: Will regulators hold their ground, and will the court issue an injunction? If this goes through, a crypto-native derivatives model will have truly made it to the mainstream.
#Web3 #USStocks #PerpetualFutures #Coinbase
On November 3, CFTC Chair Selig signed off on listing perpetual futures tied to individual U.S. stocks on U.S.-regulated exchanges. No expiration date, no rollovers, and funding rates pegged to spot prices—the model crypto has been using for years has officially made its way to Wall Street.
Only four firms got the first approvals: Kalshi, Coinbase, Kraken, and Crypto.com. Kalshi plans to list 58 popular stocks, including Apple, Tesla, and Nvidia, with leverage capped at around 6.5x and a minimum margin requirement of roughly 15%.
Crypto-native platforms aren’t sitting still either: Lighter filed DCM/DCO applications in November, while Hyperliquid went straight to ICE to develop a compliant market.
But Wall Street moved even faster—Citadel and Cboe sued in federal court the same day, seeking to overturn the approval; SIFMA and Nasdaq also wrote to the SEC in opposition. Put simply, 0DTE options are their bread and butter. Perpetual futures don’t require rollovers and can trade almost around the clock, so they could siphon away order flow.
The next 60 days will be crucial: Will regulators hold their ground, and will the court issue an injunction? If this goes through, a crypto-native derivatives model will have truly made it to the mainstream.
#Web3 #USStocks #PerpetualFutures #Coinbase